A new player to appear in the Russian aircraft industry

Russia's government has finally approved the establishment of the United Aircraft-building Corporation, or UAC. It's aimed at reviving the ailing industry. The UAC will consolidate all Russian military and civilian aircraft -manufacturers, inc

The government will hold no less than 75 percent of the company with an estimated annual turnover of $8 billion. It will be lead by Aleksey Fyodorov, the head of Mig. President Vladimir Putin signed a decree to create the UAC holding corporation in February. But the project was delayed by wrangling between the private companies supposed to join it. The main aim is to consolidate efforts to secure a leading role for Russia in the global aircraft market. The corporation will start work in early 2007 and will list shares on the stock exchange at the turn of 2008.